2018 CPG Annual Report
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TURN OF THE CENTURY CENTURY PROPERTIES ANNUAL REPORT 2018 2018 THEME: TURN OF THE CENTURY 60% Increase in total revenue 72% Increase in net income 2018 was a landmark year for Century But that’s just the tip of the iceberg. Properties Group, Inc. (CPG): We With everything exciting that’s going experienced four consecutive quarters on, we are more than glad to share with of positive revenue growth, more you this comprehensive annual report buildings were completed and turned of CPG for 2018. over to satisfied homebuyers, new companies and partnerships were This report is just a glimpse of what’s in formed, and we made significant strides store for one of the Philippines’ most to our portfolio expansion in order to dynamic real estate companies. Beyond strategically grow the company. the facts and figures, charts and graphs, lies a company built with passion and From developing primarily standalone fueled by innovation. residential condominiums, CPG has grown by leaps and bounds into After 33 years in the business, Century creating masterplanned communities Properties remains relentless in blazing injected with life-enhancing concepts. new trails in the Philippine real estate In 2018, we grew even more and landscape. And we remain committed further expanded into allied real estate to deliver groundbreaking and life- segments, specifically affordable changing developments – constantly housing and commercial leasing. These evolving and always thinking a century new businesses, together with our ahead. in-city residential properties business, will be our growth pillars as we move We are Century Properties. up and move on to the next exciting Building Passion since 1986. chapter of CPG. CONTENTS: Company Information .............................................................. 1 Performance Highlights .......................................................... 11 Message of the Chairman ...................................................... 13 Business Landscape ................................................................... 19 Business Strategy and Growth Platforms ..................... 37 Our Projects .................................................................................... 55 Operational Sustainability ...................................................... 103 Leadership Team .......................................................................... 121 Corporate Governance ............................................................ 151 Financials .......................................................................................... 209 COMPANY INFORMATION About Century Properties Group From being concentrated in high-rise Century Properties Group (CPG) has residential properties, CPG undertook over three decades of experience in real a business expansion program to estate development, marketing, sales, diversify into allied areas of real estate. and property management. This diversification plan commenced five years ago with the goal of serving Founded in 1986 by Chairman Jose unmet market demands and increasing E.B. Antonio, CPG has grown as one revenue streams, while exercising of the country’s most reputable and business prudence and maintaining a recognized real estate companies. From robust and healthy balance sheet. a humble real estate marketing firm with only six employees, the company Today, Century Properties Group’s has evolved into a comprehensive portfolio consists of in-city vertical real estate development and property developments, affordable housing, and management conglomerate with office and commercial leasing. It has thousands of employees and agents in also ventured into tourism, leisure and 50 countries across the globe. hospitality developments as of 2017. The company has earned a reputation CPG’s affordable housing brand, PHirst for revolutionizing housing concepts, Park Homes, has sold more than 3,000 including “fully-fitted, fully-furnished” housing units valued at Php4.4 billion units which have become an industry from its first three projects as of April 30, standard. It also introduced some of the 2019. PHirst Park Homes communities most groundbreaking and innovative in Tanza, Cavite; Lipa, Batangas; and developments never before seen in the San Pablo, Laguna are collectively 64 country, bringing distinctive value to its hectares in total land area with a total clients with unparalleled collaborations inventory of 6,000 units and a sales with global brands and designers such value of Php10.11 billion. PHirst Park as Armani/CASA, Versace Home, I.M. Pei, Homes now accounts for 10% of CPG’s the Trump Organization, Missoni Home, gross revenue. Philippe Starck and John Hitchcox, Daniel Libeskind, Paris Hilton, Mitsubishi The company’s leasable area will grow Corporation, and General Electric. from 133,000 square meters to 300,000 TURN OF THE CENTURY 1 COMPANY INFORMATION square meters of gross floor area by the (CPMI) also engages in a wide range of year 2020 with a target of Php2 billion property management services, from RESIDENTIAL in revenues. Aggregate income from facilities management and auction BUILDINGS its leasing and property management services to lease and secondary sales. 24 businesses currently amounts to 8% of Through CPMI, the company also RESIDENTIAL total gross revenue. endeavors to ensure the properties it UNITS manages in maintaining and improving 13,001 As of December 30, 2018, CPG has their asset value to be safe and secured. SQM. TOTAL GROSS FLOOR completed 24 residential buildings, CPMI manages 46 projects as of AREA OF RESIDENTIAL consisting of 13,001 units with a total December 31, 2018 with 2.58 million PROJECTS gross floor area (GFA) of 962,563 square meters of GFA (with parking). 962,563 square meters (with parking); a retail Of the total, 65% of the projects CPMI SQM. TOTAL GROSS commercial building with 52,233 square manages were developed by third FLOOR AREA OF LEASING meters of GFA (with parking); a medical parties. Notable third-party developed 182,620 PROJECTS office building, comprised of 707 units projects under management include with 74,103 square meters of GFA (with the Asian Development Bank in Ortigas, parking); an office building with 56,284 One Corporate Center in Ortigas, BPI MEDICAL OFFICE UNITS sqm of GFA (with parking). This is in Buendia Center and Pacific Star Building 707 addition to the 19 buildings totaling in Makati City, and Philippine National 4,128 units and 548,262 square meters Bank Financial Center in Pasay City. of GFA that were completed prior to 2010 by the founding principals’ prior Today, Century Properties Group’s development companies, the Meridien portfolio consists of in-city vertical Group of Companies. developments, affordable housing, and office and commercial leasing. It has The company, through subsidiary also ventured into tourism properties in Century Properties Management, Inc., recent years. 2 Century Properties Group Annual Report 2018 TURN OF THE CENTURY 3 COMPANY & PROJECT AWARDS 2018 Philippines Property Awards 2014 South East Asia Trump Tower Philippines Property Awards Best Luxury Condominium Azure Urban Resort Residences Development in the Philippines – Best Mid-range Condo Development in the Philippines 2018 Philippines Property Awards BEST The Residences at Commonwealth 2014 Philippines Property Awards LUXURY CONDOMINIUM DEVELOPMENT Best Mid-range Condominium Azure Urban Resort Residences – Best MID-RANGE CONDOMINIUM DEVELOPMENT Development in the Philippines Condo Development – Philippines CONDOMINIUM DEVELOPMENT MIXED-USE DEVELOPMENT 2017 Philippines Property Awards 2014 Philippines Property Awards INTERIOR DESIGN SHOW HOME Acqua Private Residences – Livingstone Century City Mall – Highly Commended, PREMIERE REAL ESTATE DEVELOPER Highly Commended – Best Best Commercial Development (Retail) Condominium Development Century City Mall – Highly Commended, IN THE PHILIPPINES in the Philippines Best Commercial Architectural Design 2016 Philippines Property Awards 2013 Asia Pacific Property Awards Acqua Private Residences Acqua Iguazu – Best Condominium Development Acqua Private Residences in the Philippines Best Interior Design Show Home – Philippines 2016 Philippines Property Awards Acqua Private Residences 2011-2017 BCI Asia Awards Best Mid-Range Condominium CPG as one of the Top 10 Developers, Award for Metro Manila Philippines 2016 Philippines Property Awards 2013 Housing and Land Use The Residences at Commonwealth Regulatory Board Highly Commended in the Best Century Limitless Corporation Mid-Range Condominium Award Developer with the Most Number Category for Metro Manila of Condominium Units Licensed Under PD 957 2016 Philippines Property Awards Acqua Private Residences 2012 Southeast Asia Best Condominium Development Property Awards in the Philippines Chairman Jose E.B. Antonio Property Report Real Estate 2016 Philippines Property Awards Personality of the Year Acqua Private Residences Best Mid-Range Condominium 2014 The Asset Triple A Award for Metro Manila Transaction Banking – Treasury, Trade & Risk Management Awards 2016 Philippines Property Awards Best Structured Trade Finance The Residences at Commonwealth Solution in the Philippines Highly Commended in the Best Mid-Range Condominium Award 2013 Capital Finance Category for Metro Manila International Awards Best Premier Real Estate 2015 Asia Pacific Property Awards Developer, Philippines Century Spire – Best Mixed-Use Development – Philippines 2013 Corporate Governance Asia One of the Most Promising Companies 4 Century Properties Group